For the past year, journalists and attorneys have debated on TV about President Trump's assets and how they are being handled while he is in office. There are several lawsuits currently in federal court over the issue.
It is even possible that the handling of those assets could be the subject of the investigation currently being overseen by Special Counsel Robert Mueller.
The President has also been accused by some people of violating the Constitution over how the assets are handled.
During the public debate, the phrase "blind trust" has been frequently mentioned.
The Wills, Trusts & Estates Prof Blog explained what it means in "Shedding Light on Blind Trusts."
Blind trusts are actually a fairly simple concept to understand.
A person, known as the settlor, creates the trust and puts assets into it. An independent person is appointed to oversee the trust as trustee. The trustee is normally a professional financial manager.
The trustee then invests the assets in the trust and does not tell the settlor anything about how those assets are invested.
Blind trusts are commonly used by people, in Cincinnati and elsewhere, serving in important government roles.
They are also popular with high-level corporate employees and directors who have stock in their companies and who do not want to be conflicted over how those stocks are sold and turned into other investments.
Remember: “An ounce of prevention is worth a pound of cure.” When making your estate plans or when probating an estate or administering a trust, do not go it alone. Be sure to engage a Cincinnati estate planning attorney.
For more information about estate planning, probate or trust administration in Cincinnati (and throughout the rest of Southwest Ohio) and to review free resources regarding estate planning, probate or trust administration, visit my website. If you have questions regarding this article or a particular legal matter, feel free to contact me at 513-399-PLAN (7526).
Reference: Wills, Trusts & Estates Prof Blog (Nov. 17, 2017) "Shedding Light on Blind Trusts."